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US Physical Therapy shares rise on profit boost

By Associated Press
August 7, 2008 | Comments (0)

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Shares of U.S. Physical Therapy Inc., an operator of outpatient physical therapy clinics, jumped Thursday after the company reported second-quarter profit above Wall Street forecasts on a boost in patient visits.

Shares rose 81 cents, or 4.7 percent, to $17.89 in afternoon trading. The stock reached $18.24 earlier in the session, its highest point in more than two years.

The Houston-based company earned of $2.9 million, or 24 cents per share, marking a 24 percent jump from profit of $2.3 million, or 20 cents per share, in the year-ago period. Revenue rose 44 percent to $47.4 million from $35.5 million.

Analysts polled by Thomson Financial, on average, expected profit of 23 cents per share on sales of $45.2 million.

During the quarter, same-store revenue, or revenue from clinics open at least a year, rose 6.3 percent.

The company acquired nine locations in Maryland and Pennsylvania and opened seven new clinics during the quarter. It now operates 364 clinics.

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